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China Renaissance, a top dealmaker in the country’s tech industry, is facing challenges as it announced the suspension of trading of its shares and a delay in the release of its annual results due to the inability to reach its founder, Bao Fan. Bao, who started the boutique investment bank in 2005, has been unreachable since the middle of February, causing shares in China Renaissance to plummet by as much as 50%.
China Renaissance has revealed that Bao is reportedly cooperating in an investigation by authorities, leading to speculation in Chinese media that it may be linked to a former executive at the company. The company stated that auditors are unable to complete their work or sign off on reports due to Bao’s absence, which has caused the delay in fulfilling regulatory obligations.
Known for working closely with top technology companies in China, Bao is a veteran dealmaker who has facilitated major mergers and investments in the tech sector. However, the current situation has raised concerns within the industry. Meanwhile, China’s anti-graft watchdog has initiated an investigation into a former senior executive of Bank of China, highlighting the regulatory challenges faced by financial institutions in the country.
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